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The CEO of America’s biggest bank says Bitcoin is a fraud – Only for murderers, drug dealers and people living in Venezuela or North Korea

Submitted by dailybitcoinnews on Mon, 10/16/2017 - 13:00

The boss of America’s biggest bank says Bitcoin is a fraud suited only for murderers, drug dealers and people living in Venezuela or North Korea.

Jamie Dimon, chief at JP Morgan, while attending a conference in New York, said he would fire “in a second” any employee at the investment bank found to be trading in bitcoin. “For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.”

“If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said at an event hosted by the Institute of International Finance, according to a report from CNBC. During the event, he reportedly voiced support for the cryptocurrency’s underlying technology – an area where the Wall Street bank has undertaken a number of notable efforts, including the Enterprise Ethereum Alliance.

Per CNBC, Dimon also reportedly said that he “could care less about what [price] bitcoin trades at.”

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said. “So there may be a market for that, but it would be a limited market.”

Although he seems against Bitcoin and blockchain technology, Jamie Dimon’s daughter apparently bought Bitcoin, as Jamie confessed. And since it went up, she became more attracted to Bitcoin even if his father believes it a fraud and people trading it, stupid. You can’t really fire your daughter, can’t you Jamie?